Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Forest Research Sells 50% Of Technology Subsidiary

Rotorua-based Forest Research has today announced the sale of 50% of its interest in Greenweld Technologies Ltd (GTL) to Innovative Technology, a technology investment company representing the interests of Tony Petley (and associates). Forest Research will retain the remaining 50% interest in the company.

Under the sale agreement, Forest Research Chief Executive Bryce Heard said that Forest Research will continue to provide ongoing technical services to GTL, and Mr Petley will manage the global affairs of the company. A four-person board, chaired by Forest Research will govern the company.

The new ownership structure will allow the shareholders to contribute their respective skills as well as to introduce new knowledge and networks to grow the company's business. GTL will provide technology services that enable its customers to add value through wood processing operations. Its core technology will derive from the Greenweld(R) process technology and its worldwide patents. The technology is still the only one of its kind in the world proven to join timber irrespective of moisture content and temperature across a broad range of species and processing systems. Experience gained over several years has demonstrated the flexibility of the technology and will enable GTL to tailor solutions to provide substantial savings for its customers.

ENDS....

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>